Stober's Lawn Sprinkler Company sells irrigation equipment. Below is information necessary to prepare Sto- ber's income statement for the year ending December 31, 20X7. Stober attributes 60% of the rent and utili- ties to selling functions, and the remainder to general and administrative activities. Seventy percent of the salaries are devoted to sales. Prepare an income statement in both single-step and multiple-step formats. Advertising expense $33,998 Cost of goods sold 466,773 Rent expense 144,000 Salaries expense 166,321 Net sales 972,299 Income tax expense 30,000 Utilities expense 26,997 Interest expense 18,500